Price record on West End Avenue
By Holly Dutton
A rental building on the Upper West Side has traded for a record price.
The 12-story building at 498 West End Avenue, marketed by Fenwick Keats Real Estate, was purchased by Queens-based Samson management for $52.5 million, a record for a rental building with fewer than 50 units along the avenue.
Fenwick Keats chairman Rob Anzalone said the design and architecture of the building rivals tony Park Avenue and Central Park West apartments.
“This undoubtedly had an impact on the record sale price,” he said in a company press release.
“The trend of converting rental buildings of this type into co-ops or condos made this property exceptionally attractive to prospective buyers.”
Built in 1912, the 48-unit building has original apartment layouts ranging in size from 6, 7 and 8 rooms, each with a large entry foyer and service entrance.
The apartments were designed so that all rooms feature exterior exposures with no interior courtyard.
The property was never officially put on the market, but interest in the building increased dramatically once word got out about the “quiet sale,” according to Anzalone.
According to StreetEasy.com, the building currently has an active two-bedroom rental listing with Douglas Elliman for $4,995.
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